GlobalPrime

Editor's Score
Pros
  • Excellent trading platform
  • Favourable trading conditions
  • Competitive fees and commissions
Cons
  • Does not accommodate beginner traders
  • No educational or research resources
  • No bonuses
Min Deposit
$500
Max Leverage
1:200
Mini Account
Platforms
  • MT4
Withdrawal Options
  • Visa
  • MasterCard
  • BankWire Trransfer
  • Neteller

Review

Introduction

GlobalPrime is a leading Australian based online trading brokerage that was founded in 2010. The brokerage specializes in the trading of Forex as well as Equities Index and Commodity CFDs. GlobalPrime is owned and operated by Gleneagle Securities (Australia) Pty Ltd and is headquartered at Global Prime Forex, Suite 604, 35 Grafton Street, Bondi Junction, Sydney NSW 2022, Australia. GlobalPrime appears to be reputable and viable online trading brokerage, but are they really and are they right for you? Find out in our in-depth review as we uncover all aspects of this lucrative online trading brokerage.


Trading Conditions

Global Prime truly is a premium Forex and CFDs trading brokerage that offers top of the line trading conditions for their clients. For instance, traders benefit from premium liquidity and execution as Global Prime has secured relationships with top liquidity providers and utilizes the best in class technology to maintain an ideal trading environment. Execution speeds are monitored daily to ensure they are exceeding traders’ expectations and traders benefit from multiple liquidity providers. As for the trading aspects of Global Prime, clients can trade on leverage of up to 1:200, have margin call levels of 120% and margin stop out levels of 100%. All in all, Global Prime traders benefit from very favourable trading conditions.

Products

Global Prime is primarily a Forex broker but also offers trading on a range of Equities Indexes and Commodity CFDs. As for the Forex currency pairs offered, clients can trade 42 different currency pairs including majors, minors, and some exotics. As for the Equities Indexes and Commodity CFDs offered, clients can trade 14 different CFDs. Overall, the extent of tradeable products offered by Global Prime is very limited in comparison to many other online trading brokerages. However, if you’re a trader who’s focused on solely Forex and a few CFDs, then Global Prime will serve you just fine.

Regulation

Global Prime holds an Australian Financial Services Licence (AFSL) which grants them the ability to conduct financial services within Australia. The brokerage is also licensed and regulated by the Australian Securities & Investments Commission (ASIC). Therefore, Global Prime is highly capable of providing safe, secure, transparent, and reliable online trading services. The ASIC is one of the best financial regulatory authorities in the world and they impose very strict rules and guidelines for Global Prime to implement and follow.

Platforms

Global Prime provides their traders with the highly sophisticated and advanced MetaTrader 4 (MT4) trading platform. The MT4 trading platform is known to be the world’s most popular forex trading platform with millions of traders who use it every day. The MT4 trading platform by Global Prime can be downloaded on to your desktop computer for free and is simple and easy to install. The platform is very familiar to most traders and is fairly easy to use and understand for beginners as well. The MT4 platform features an advanced charting package where traders can implement multiple technical indicators, use numerous drawing and analysis tools, and view the charts in different time frames and chart types. The platform also supports multiple advanced order types that help to mitigate risks and increase profit. As well, traders can participate in automated trading with the implementation of Expert Advisors (EAs) that run on the MLQ4 programming language for the MT4 trading platform. All in all, traders will not be disappointed with Global Primes trading platform offering.

Mobile Trading

The same MetaTrader 4 (MT4) trading platform that’s available for desktop computers can be downloaded for free on mobile devices via the Apple App Store and the Google Play Store. The MT4 mobile trading application is essentially the same, only optimized for mobile devices including smart phones and tablets. Traders can create watch lists, set push alerts, analyse charts, place orders, and manage their portfolio directly from the mobile trading app.

Pricing

Global Prime offers their traders a choice of how they want commissions to be charged. For instance, clients can choose whether they want to be charged a commission on top of the spread, or to include the commission into the spread. Unfortunately, Global Prime does not state what their commissions or spreads are, but upon further research we discovered that the spreads range anywhere from 0.3 pips to as much as 7.2 pips during peak market hours for the EUR/USD currency pair. Alternatively, the average spread and commission of the EUR/USD currency pair is 0.5 pips + $7.00 round turn per standard lot. Overall, the spreads and commissions at Global Prime are competitive with the industry standards.

Deposits & Withdrawals

Global Prime offers traders a rather limited selection of payment options for deposits and withdrawals. For instance, traders can only use Visa, MasterCard, Bank Wire Transfer, and Neteller. When withdrawing funds from your account, they must be withdrawn via the same method used for deposit. All deposits and withdrawal are free of charge on the Global Primes end, but the payment processor fees may apply. All deposits are completed nearly instantly or within 24 hours and withdrawals are completed within 1 – 5 business days.

Customer Support

The level of customer care and support at Global Prime is of premium quality. Customers can reach support representatives 24 hours a day, 5 days a week via telephone, email, and live chat. Support reps are fairly quick to respond and are always friendly and helpful with responses. Support is available in the English and Chinese languages.

Research & Education

The most disappointing aspect of the Global Prime online trading broker is that they do not provide their clients with any sort of educational resources or materials to better their trading and inform themselves on the markets. As well, the brokerage doesn’t provide an economic calendar, financial news section, blog, or any other research resources. Therefore, traders will have to look elsewhere for this material.

Noteworthy Points

Global Prime is a simple yet sophisticated online trading brokerage that provides traders with a premium trading environment with favourable trading conditions and low commissions and fees. The brokerage is well recognized in the financial trading industry for their excellent level of customer care and service. Traders can test out the Global Prime brokerage and trading platform via a free live demo account where they can practice trading and see the extent of tradeable products. Global Prime accepts traders around the world, but primarily services traders from Australia and Asia.

Conclusion

Traders looking for a reliable and reputable online brokerage for the trading of Forex and CFDs will be very satisfied with Global Prime. The broker provides their traders with an advanced MT4 trading platform and offers exceptional customer support. The extent of tradeable assets is rather limited, but the favourable trading conditions and competitive spreads and commissions make up for it. Beginner traders looking to learn and gain access to educational resources may be disappointed as Global Prime focuses more on experienced traders. All in all, Global Prime is a great Forex and CFDs trading broker and they could be the broker for you.

Comparison

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